HUGE Endorsement! Frm. John Kerry Supporter and Chrysler CEO Lee Iacocca Endorses Mitt Romney

I can’t overstate the magnitude of this endorsement! Not only did Lee Iacocca endorse John Kerry in 2004 when Sen. Kerry was running against George W. Bush, but no one has first hand experience with auto bailouts like Mr. Iacocca. When Chrysler teetered on the brink of bankruptcy in 1979, the Government stepped up to help them in a much more responsible way than the Government did when GM and Chrysler needed help in 2008. Chrysler paid back every penny of the bailout and grew in an example of possibly the most successful bailout in U.S. history.

The fact that Lee Iacocca is endorsing Mitt Romney tells us that the democrats have lied for years about what Mitt prescribed in his 2008 op-ed. Mitt only wants the best for the auto industry, and the democrats plan to use this issue against Mitt to protect their small lead in Michigan is unraveling.

This endorsement comes on the heels of Mitt setting the record straight in Tuesday’s debate with President Obama as well as Mitt’s campaign releasing a forward-looking plan on what a Mitt administration will mean for the auto industry.

UPDATE: Full op-ed of the endorsement below:

Iacocca: America needs a turnaround, which is why I’m voting Romney

I’ve seen a lot of situations that needed a turnaround in my time, and I know one when I see one. Trust me, America needs a turnaround.

America is in deep trouble. After four years, economic growth is still anemic, our annual deficits were not cut in half as promised, and our staggering $16 trillion federal debt hangs over us and our kids like the plague. Our people are hurting, they can’t find jobs, they have lost a major part of their net worth, the number of Americans living in poverty is at unacceptable levels, and we just aren’t doing the things that would get our country back on the right track.

Like any turnaround it must begin by honestly facing our problems; hope and speeches won’t get our people back to work. It will require experienced leadership that can create and lead policy change that will enable a more robust and competitive America. We need leadership that understands that government, just like American families, can’t continue to spend beyond its means. We must find leadership that won’t pander to the people, but rather will speak honestly to them about our situation, explaining in simple terms what we have to do to get back on the right track. And we need leadership that can bring us together in a sense of shared responsibility so that we can move forward as a team. All of us. As Americans.
America needs new leadership

Mitt Romney has successfully led both public and private sector turnarounds. He is a bright and successful man; he is a good man, a caring man, a man of integrity, family and faith. Importantly, he recognizes we are in a tough situation. With dozens of years of real world experience in the public and private sectors, he knows what he’s talking about. His policies will enable a stronger America, one in which all Americans can share. He was groomed and trained for this moment.
The future of our country is at stake

If you are out of work or worried about your job, having trouble making ends meet, are worried about your kids’ future or your own, or if you just have a nagging sense that as Americans we can do better than this, it’s time to wake up and stop just hoping it will all work out in a few more years. I hate to be the bearer of bad news, but it won’t!

It’s time for straight talk.

I’m asking you to vote for change that will get us moving in the right direction, and to be ready to be part of the solution. Everything depends on it. We don’t have time to waste. It’s time to make America great again.

Vote for Mitt Romney for president.

More Voices Join: Romney Right on Best Way to Save Auto Industry

I said in my prior post that Mitt often comes to the right answer a couple beats before others do. Today’s Detroit News features an op ed from Hal Sperlich, a former president of Chrysler from 1984-88 and a member of the Automotive Hall of Fame, entitled “Romney was Right on Detroit Bankruptcy.” This article illustrates the point.

The entirety of Mr. Sperlich’s piece is below, but highlighted below are a few critical points we have made here on this site previously:

1. Obama’s assertion he saved the US auto industry while Governor Romney would have let it go under is simply not true.

2. Obama’s plan mirrored Mitt’s plan, with a couple key differences:

* Obama used $80 billion in taxpayer cash, about $25 billion is still at risk.

* Mitt’s “far superior” plan would have only guaranteed automaker obligations, not offered cash.

* Mitt’s plan would have built competitiveness, the key to long term success.

3. Mitt was not proposing abandoning the auto industry, that’s only an Obama soundbite. Mitt’s plan would have been less expensive and more successful.

Here’s the entire piece.

No, Mitt didn’t want to abandon the US auto industry. He wanted to save it, and his plan was better and cheaper:

Romney was right on Detroit bankruptcy
By Hal Sperlich

President Barack Obama alleges that he saved the U.S. auto industry, whereas Gov. Mitt Romney would have let the U.S. automakers go under.

Not true.

In an op-ed piece in the New York Times dated Nov. 18, 2008, Romney proposed a plan to enable GM and Chrysler to survive as strong competitors through a managed bankruptcy.

Four months later, the Obama administration proposed a similar managed bankruptcy, but with two very important differences.

The Obama administration proposed a very costly bailout of the two companies with $80 billion of taxpayer cash, a process started by President George W. Bush with $17 billion of TARP money. Close to $25 billion of those taxpayer funds remain uncollected, still tarnishing the GM brand with the label “Government Motors.”

The Romney plan was far superior.

First, it proposed using government guaranteed private financing, similar to what we did with Chrysler back in 1980, not massive quantities of precious taxpayer cash, as was done by the Obama administration. Second, as a man who has led many business and public sector turnarounds, Romney recognized that the auto companies not only had to survive the crisis, but they had to build the strength to allow them to be stronger competitors in the years to follow.

Let me digress for a moment to make a point. I was privileged to be in a leadership role during the Lee Iacocca led Chrysler turnaround that began in 1980. In fairly short order, we converted the world’s least competitive auto company into one of the most competitive. America’s first fuel-efficient front wheel drive cars, along with innovations like the first mini-vans, replaced the obsolete. Market share increased 50 percent by 1988 and, with dramatically improved costs, great labor management cooperation, major quality improvements and shared sacrifice from everyone, Chrysler became competitive and highly profitable. We baked a bigger pie so that all could share, including customers, shareholders and the folks who built the products.

That’s what competiveness does.

Just about every businessman will tell you it begins with competitiveness. If you do it better than the guy down the street, you will generate growth and jobs. If we do it better than the people in the next country, we will have more jobs here in America. It’s that simple. Competitiveness is the foundation for the prosperity we seek.

Romney understands this. He would not have abandoned GM, Chrysler and all their employees. In the end, either the Obama or the Romney approach would have provided the companies the support necessary to move forward.

But the Romney plan would have spared the taxpayer the billions invested by the Obama administration in the bailouts. Further, the more aggressive approach to new levels of efficiency proposed by Romney would have left the companies significantly more competitive.

As a result, the companies would have been better positioned to provide the long-term job security for their employees that only true competitiveness can guarantee, and to grow, adding thousands of new high paying American jobs.

In his November 2008 op-ed, Romney said, “Detroit needs a turnaround, not a check.”

In a way, I believe the same can be said of America at this point.

We don’t need to continue borrowing money we may never be able to repay.

America needs a turnaround.

America needs to become more competitive.

Romney understands this at a deep level and his policies are designed to enable a more robust and competitive America.

That’s what experienced leadership is all about.

UPDATE: An astute reader also caught the following post, also in the Detroit News’ op ed section: Delphi debacle spoils Obama bailout boast. One key quote:

When President Barack Obama uses the first of three debates Wednesday to tout his bailout of Detroit’s auto industry, as he surely will, Republican challenger Mitt Romney should be ready with a single number:

22,000.

That’s how many salaried retirees of the old Delphi Corp. saw their pension fund seized by the Pension Benefit Guaranty Corp. at the behest, documents suggest, of an Obama Treasury Department that ensured no such thing happened to the Troy-based auto supplier’s unionized workers and retirees.

Even worse, as the president and his proxies hail the auto bailouts as a cornerstone of an otherwise dismal economic record, they’re slow-walking congressional demands to explain fully why taxpayer dollars were used to favor the pensions of Delphi’s union employees over their salaried counterparts — many of them located in the politically critical battleground state of Ohio.

Barack Obama, CEO of Bankruptcy, LLC

Photo & Trailer Sign: Andrew Geurink & Family

Hat Tip to Steve Samuelian for sending over this image for MRC

This trailer sign is located near Holland, Michigan (western part of the state) and is courtesy of OttawaCountyPatriots.com


American Values: “In God We Trust” — “Liberty” — “E Pluribus Unum”

Twitter Follow: @VicLundquist – Dedicated to all members of The United States military and their families

Joe ‘Chains-Blunder’ Biden / Does Stephanie Cutter Really Want to Go ‘THERE’?

UPDATE: Jesse Jackson’s daughter, FOX News contributor Santita Jackson, said that Biden’s remarks were “profoundly insulting” and he should apologize. Former Democrat Governor of Virginia Douglas Wilder (first African-America governor since reconstruction) also blasted the Vice President (see end of article).

Our Vice President – Joe Biden.
(Photo – Carolyn Kaster/AP)

While campaigning in Danville, Virginia on Aug 14, 2012, the Vice President of the United States, Joe Biden, rode in on his verbal backhoe to further dig himself and Obama into their seemingly bottomless hole. Watch the video (nearly half of Danville is populated by African Americans):


Later that same day, MSNBC’s Andrea Mitchell got Stephanie Cutter (Obama’s Deputy Senior Adviser) to sit down with her to talk about ol’ Joe’s mouth and Mitt Romney’s denunciation of Biden’s statement. She squirmed and obfuscated:

Mitchell: “… [L]et’s get back to the question of when you said the president agrees with the sentiments, are you saying that the vice president went too far –“

Cutter: “No, I’m not”.

Mitchell: “–and that the president does not agree with the words that he used?”

Cutter: “If you look at the entire context of what the Vice President was talking about, he was making a point that if we repeal Wall Street reform which is what Mitt Romney and Paul Ryan want to do, we’re going to go back to the days where they’re writing their own rules, and we saw what happened. Taxpayers had to bail them out. We had to spend billions of dollars of taxpayer dollars bailing them out. Now I would think that that, you know, that is a problem for middle class taxpayers. That would hamper their ability to take care of their own finances.”

MITCHELL: “The bottom line that the President agrees with Joe Biden’s sentiments but not his comments?”

CUTTER: “The bottom line is that we have no problem with those comments.”

Governor Romney doesn’t want to “let Wall Street write their own rules” but Team Obama believes if they hamster-wheel this lie over and over, like all the other lies they spout, Americans will believe it.

Does “Romney-is-a-felon” Cutter really want to go there – talking about taxpayer bailouts?

Hmm. Let’s talk about GM – headed for bankruptcy again? Or, how about that $535 million of vanished taxpayer money Obama showered on Solyndra?

Have you heard about A123 Systems?

It’s a green company based in Waltham, MA, that makes hybrid/electric car batteries. In 2009, A123 was handed a quarter BILLION grant by Obama. The company also received another $135 million in grants and tax breaks from Michigan. A123 also sucked up another $30 federal million for a wind energy whim. Their stock peaked at $25.77 per share. It’s now at 45 CENTS per share. In July, company officials said they only had five months of operating cash. Get this: A Chinese auto parts maker, Wanxiang Group, is investing up to $465 million in the broke company – buying A123 (owning 80% of the firm) for pennies on our dollars. Obama used OUR money to bankroll green technology which has ended up in CHINA’s hands.

Other Obama green energy companies receiving taxpayer money who have stuck it to us: Tesla – $465 million, Fiskar Automotive – $529 million, Ener1 – $118.5 million, Beacon Power – $43 million, Abound Solar – $400 million, Amonix Solar – $15.4 million DOE grant plus another $9.5 million in federal tax credits, Energy Conversion Devices & United Solar Ovonic LLC – $13.3 million tax credit, Evergreen Solar – $125 million plus $58 million from Massachusetts, Mountain Plaza, Inc. – $424,000, Spectrawatt – $500,000, Azure Dynamics – couldn’t find exact amount, but MILLIONS lost, and Solar Trust of America – $2.1 billion.

Troubled green companies for which taxpayers could be on the hook:
Ecotality
BrightSource Energy
Cogentrix Energy

A few other companies receiving Obama stimulus money or tax breaks:
Babcock & Brown,
Granite Reliable Power
Johnson Controls
NextEra Energy
Nissan
NRG Solar
Olsen’s Crop Service
Range Fuels
Schneider Electric
Thompson River Power LLC
Willard & Kelsey Solar Group

What about all those “shovel ready” jobs Obama touted to help push through his stimulus bill? Well, the shovels weren’t ready.

The half of America that actually pays taxes are on the hook for Obama’s $787 BILLION Recovery Act Bill – better known as the Stimulus Stinker DUD. He did that to us. And don’t forget, in January 2011, Obama whined and pouted for another $447 BILLION – which, thankfully, he didn’t get.

But, I digress…

Back to ol’ Joe. American Crossroads Super PAC reminded us today why Biden is good for the Romney/Ryan ticket:

Run, Joe. Run

It’s been a bad week for Team Obama.

(more…)